HATS of varying size, shape and plumage were much in evidence at the dazzling occasion that was the Lane Crawford Cup - so much so that we could have been in the Royal Box at Ascot rather than the Jockey Club Box in Sha Tin.

While it was racing form that had everyone's attention outside, inside the gaily festooned box it was the fashion stakes that held sway.

Among the guests dripping in pearls and diamonds was fabulously wealthy Filipino jeweller Fe Panlilio, whose 26-carat diamond ring costing many millions was admired by many guests, with one or two even seizing the chance to try it on.

As Fe herself pointed out rather touchingly: 'Remember ladies, everything I am wearing is for sale.'